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3 Scenarios Every Self-Employed Person Needs to Plan For – HindSight

3 Scenarios Every Self-Employed Person Needs to Plan For

Being self-employed comes along with many challenges. If you want to be successful, then it’s important to be aware of the most common challenge you’ll face. Doing so will help you know how to handle them and move past them

Lack of Clients

As a business, you obviously need clients. However, you aren’t always going to be consistently working with an abundance of clients. Especially while you’re starting out, there will be times when you might not have any clients. This can be very discouraging. Fortunately, according to the Client Acquisition Lab, there are some things you can do to get more clients. One helpful way to get more clients is to start treating people like they are already your clients before they even use your services. People are more inclined to do business with someone if they feel valued and receive good treatment. Having quality customer service will go a long way. Another helpful tactic is to target more specific audiences. It might seem like a good idea to appeal to everyone, but appealing to a specific group will draw in more people. This is because they see you are specifically calling out to them and not just anybody.

Disability

As a small business, you are responsible for the bulk of the work. However, this means that if you get injured or are unable to work, your business will suffer. Having disability insurance can help protect you in these situations. Disability insurance will provide income for your business if you were injured or disabled away from work. Policies can be used for short-term or long-term instances. While there are many other types of insurance to consider for your business, you should consider disability insurance. According to Compass Insurance Group, you’re statistically more likely to need disability insurance than life insurance.

Being Overwhelmed

Again, when you’re self-employed you are in charge of everything. You need to take care of marketing, management, accounting, etc. It can be a lot to handle and it can wear you down. Becoming stressed is very likely and it may discourage you. If this happens, according to Entrepreneur Magazine, you need to find ways to destress and make the work more manageable. To make things easier, list your tasks by priority so you don’t become overwhelmed with everything you need to do. Break things down and remind yourself of everything going well. It is also helpful to take breaks. You especially need to create a separation between work and home to give yourself time to relax.

There are challenges in every career, but running things on your own has unique challenges. Take the time now to prepare yourself for these challenges. If you know how to overcome these challenges before they happen, it will make things much easier for you.  

Read this next: How to Protect Your Family Financially as an Entrepreneur

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